JPMorgan Tests Blockchain Platform to Help Debt Issuance Process

JPMorgan Tests Blockchain Platform: Is Canada taking its interest in blockchain technology to another level? Looks like it. On Friday, JPMorgan Chase announced that it tested a new blockchain platform this week, alongside the National Bank of Canada and other members of the banking industry.

This is a pretty significant announcement, both for the banking sector and the crypto, blockchain sector.

JPMorgan Tests Blockchain Platform

JPMorgan reportedly tested the blockchain platform on Wednesday. According to the New York City-based financial services company, the blockchain platform will be used for issuing financial instruments. Reportedly, the aim of the blockchain platform is to help improve the debt issuance process.

Even more interesting is that JPMorgan has been working on this blockchain platform since 2017. So good things should be on the horizon now that the blockchain platform has left the starting gate, right? The blockchain platform was created using a form of an open-source blockchain, named Quorum. It was developed in-house by JPMorgan Chase.

Despite the news, the JPMorgan stock (NYSE:JPM) is currently down 0.0090% on the New York Stock Exchange.

Banks and Blockchain

There are a lot of banks interested in moving into the blockchain sector – that interest isn’t just restricted to Canada. Both the blockchain and cryptocurrency sector have become immensely popular, and it seems that every week a new country or company is moving into one – or both – of those fields. Earlier this week, in fact, three former Google employees created a blockchain community. The blockchain community is headquartered in the Bay Area and Shanghai but is looking to expand.

Meanwhile, the cryptocurrency markets are continuing their upswing from last week with coins like Bitcoin (BTC), Ethereum (ETH), Stellar (XLM), and NEO all seeing green.

What do you think of the news that JPMorgan has tested a blockchain platform?